Freeport-McMoran, Inc. (FCX) Receives Buy Rating from Vertical Research
Vertical Research reiterated their buy rating on shares of Freeport-McMoran, Inc. (NYSE:FCX) in a report issued on Tuesday morning. Vertical Research currently has a $20.00 target price on the natural resource company’s stock.
A number of other research analysts have also recently weighed in on the company. Zacks Investment Research cut Freeport-McMoran from a hold rating to a sell rating in a research report on Wednesday, July 5th. Jefferies Group LLC reaffirmed a buy rating and set a $18.00 price objective on shares of Freeport-McMoran in a research report on Thursday, July 27th. Deutsche Bank AG reaffirmed a hold rating and set a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. BidaskClub raised Freeport-McMoran from a strong sell rating to a sell rating in a research report on Tuesday, June 27th. Finally, ValuEngine cut Freeport-McMoran from a buy rating to a hold rating in a research report on Thursday, July 13th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoran presently has an average rating of Hold and an average price target of $14.65.
Shares of Freeport-McMoran (NYSE:FCX) opened at 15.21 on Tuesday. Freeport-McMoran has a 52 week low of $9.24 and a 52 week high of $17.06. The firm has a market cap of $22.01 billion, a PE ratio of 21.45 and a beta of 2.59. The firm has a 50-day moving average of $13.97 and a 200-day moving average of $12.99.
Freeport-McMoran (NYSE:FCX) last announced its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by $0.04. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.02) earnings per share. On average, analysts expect that Freeport-McMoran will post $0.89 EPS for the current year.
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Several large investors have recently modified their holdings of FCX. Lord Abbett & CO. LLC boosted its stake in shares of Freeport-McMoran by 8.7% in the second quarter. Lord Abbett & CO. LLC now owns 2,055,772 shares of the natural resource company’s stock worth $24,690,000 after buying an additional 164,100 shares during the period. Sentry Investment Management LLC boosted its stake in shares of Freeport-McMoran by 22.9% in the second quarter. Sentry Investment Management LLC now owns 105,176 shares of the natural resource company’s stock worth $1,263,000 after buying an additional 19,584 shares during the period. Toronto Dominion Bank boosted its stake in shares of Freeport-McMoran by 25.3% in the second quarter. Toronto Dominion Bank now owns 460,229 shares of the natural resource company’s stock worth $5,527,000 after buying an additional 92,843 shares during the period. Cetera Investment Advisers bought a new stake in shares of Freeport-McMoran during the second quarter worth $1,315,000. Finally, Advisory Services Network LLC boosted its stake in shares of Freeport-McMoran by 12.8% in the second quarter. Advisory Services Network LLC now owns 101,517 shares of the natural resource company’s stock worth $1,219,000 after buying an additional 11,508 shares during the period. Hedge funds and other institutional investors own 67.94% of the company’s stock.
Freeport-McMoran Company Profile
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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